Tally helped 75% customers to migrate to GST regime

ETtech| 23 August, 2017

Software company Tally has helped over 75% of its 11 lakh customers migrate to the goods and services tax (GST) regime through its ERP software. Starting September, millions of businesses across India will need to file invoices on a monthly basis under the new tax regime.

The government has collected a gross goods and service tax (GST) amount of Rs 40,000 crore so far with 13 lakh assessees having filed an interim tax return on the GST Network as of Monday evening. In addition, 22 lakh assessees have filled in the relevant details on the portal but are yet to file return, senior government officials said. Of the total amount of Rs 40,000 crore, Rs 15,000 crore has come in as integrated-GST, which is levied on interstate movement of goods.

GST Return Filing: How to handle discounts and additional cost

The Economic Times| 18 August, 2017

One of the sea changes brought about by the GST era is the way we determine the value of goods and services.As a business, one needs to be aware of the changes in the valuation method and also how to go about valuation in some special cases, for e.g. additional charges / discounts, branch transfers (which are taxable under GST) and when a supply is made with money not being the consideration.

GST Council extends July payment and return filing deadline to 25 August

NDTV| 18 August, 2017

A key panel of the Goods and Services Tax (GST) Council on Saturday decided to extend the deadline for businesses and traders to remit their taxes and file returns for the month of July—the first month of rolling out the indirect tax reform—by five days to 25 August.Read More

The government on Thursday gave some relief to taxpayers availing of transitional input tax credit under the GST regime by giving them an extra week till August 28 to file tax returns. Businesses under the Goods and Services Tax (GST) set-up have to file their first return, GSTR 3B, for July on the portal of GST Network — the IT infrastructure provider for the new indirect tax regime — by August 20. The return filing had commenced on August 5.

Government notifies timeline for filing of tax returns under GST

The Economic Times| 10 August, 2017

The government has notified the dates for furnishing final tax returns for July and August under GST regime.The GST Council, chaired by FM Arun Jaitley and comprising his state counterparts, had in June allowed more time to businesses for filing final GST returns in forms GSTR-1, GSTR-2 and GSTR-3 for July and August.

Are benefits of GST actually being transmitted to end users?

India Infoline| 7 August, 2017

It’s been over a month since the rollout of the unified tax regime, Goods and Services Tax (GST) in the country still everyone is wondering what would be the overall effect of GST on the industry. The government also has been closely watching daily price changes in more than two dozen essential commodities to check any abnormal price movement.

GST Council approves hike in luxury car cess

The Economic Times| 7 August, 2017

Thinking of buying an SUV or a luxury sedan? You might want to hurry up and decide quickly as the Goods and Services Tax Council is said to have decided to raise the cess on luxury automobiles to 25% from 15% now. To be sure, the rates may not go up immediately as any increase in the cess will require an amendment to the GST compensation law.

GST council gives nod to e-way bill, anti-profiteering body

The Economic Times| 5 August, 2017

In a slew of decisions, the Goods and Services Tax Council approved implementation the electronic way bill system across the country, created necessary structural framework for anti-profiteering mechanism and provided relief to the agitating textiles sector by slashing rate of job work to 5% from a high of 18 %.

Next GST Council meet to decide on anti-profiteering mechanism

The Economic Times| 2 August, 2017

The Goods and Services Tax Council will at its next meeting finalise a mechanism to operationalise the anti-profiteering clause which seeks to protect consumers interest, finance minister Arun Jaitley told the Lok Sabha on Tuesday. He said a proper decision would be taken on Air India’s future and it would be in the government’s interest to protect jobs at the airline.

IGST collection from imports rises about 60% in just one month of GST

The Economic Times| 1 August, 2017

The collection of Integrated Goods and Services Tax from imports crossed Rs 20,000 crore in July — the first month of the roll out of the new indirect tax regime, pointing towards a major jump in revenues. Total customs revenues in July 2017 stood at Rs 26,500 crore as against Rs 16,625 crore collected in July 2016.

CAIT demands relook of items under 28% GST slab

moneycontrol| 31 July, 2017

“Moreover, the slab of 28 per cent requires a re-look as many of the items falling under this slab ought to be placed under other lower tax slabs,” the Confederation of All India Traders (CAIT) said in a statement.

GST has big positive on economy, benefits can be seen within a month: Narendra Modi in Mann Ki Baat

The Economic Times| 31 July, 2017

The benefits of goods and services tax (GST) can be seen within a month of its implementation as it has produced a “big positive effect” on the economy, and has bolstered the economic progress, Prime Minister Narendra Modi said in his ‘Mann ki Baat’ address on Sunday.

Government draws up checklists for GST audits

The Economic Times| 21 July, 2017

The Centre has created a detailed road map for goods and services tax (GST) audits barely 20 days after the levy’s rollout, listing risks, target industries and even potential auditees for officials examining corporate India’s transition to the new regime.In the past week, the government has reached out to tax commissioners on the audit process, highlighting the risk areas.

Tax departments keep a close watch on prices post GST rollout

The Economic Times| 19 July, 2017

Tax departments across the country are keeping a close watch on prices following the July 1 rollout of the goods and services tax (GST). Makers of consumer goods and handsets, as well as some restaurant chains, have all got calls from local tax authorities seeking details of invoices before and after GST as part of the exercise.

FM Arun Jaitley rules out lowering GST rate for textiles sector

The Economic Times| 18 July, 2017

The government has ruled out relief to the textile industry, which has sought abolition of the 5% goods and services tax (GST) imposed on fabrics. “The main demand of the textile traders is not to put any tax on fabrics. However, the same cannot be accepted,” finance minister Arun Jaitley said in a written reply to a question in the Rajya Sabha.

GST Council raises cess on cigarettes to fix anomaly under GST

The Economic Times| 18 July, 2017

The goods and services tax (GST) Council raised the cess on cigarettes Monday to address an anomaly under the new regime that had resulted in lower tax incidence than before. The move will raise the prices of cigarettes that had fallen under the GST regime, which rolled out July 1.

Post GST, you will see prices falling: Piyush Goyal

The Economic Times| 16 July, 2017

Stressed power assets can be a source of low-cost electricity, replacing costly supplies, says power, coal, renewable energy and mines minister Piyush Goyal. In an interview with ET , he also said the goods and services tax (GST) had rolled out smoothly and that it will end corruption and create jobs.

GST impact on companies: Gloom and doom vanishes, India Inc at ease

Financial Express| 14 July, 2017

Contrary to gloomy predictions, the roll-out of the goods and services tax (GST) has been a much smoother affair and the industry has adapted to it without major hassles.As FE spoke to a cross-section of the industry, several government officials and the administrative and field levels, tax experts and analysts, some things came out clearly:

GSTIN display on sign boards must for businesses

The Economic Times| 11 July, 2017

Traders and businesses will have to display the GST registration number on their business sign boards and the registration certificate in premises. Also, composition dealers will have to mention that they are availing the composite scheme and are not entitled to collect taxes from people.

The government on Monday clarified that gifts worth up to Rs 50,000 by an employer to its employees as also free membership of clubs, health and fitness centres will not attract the goods and services tax (GST), which the tax experts said will come as a relief for the industry.

Many producers and transport operators are reporting logistics efficiency gains after states abolished border checkposts in the wake of GST, which promises one nation, one tax, one market. As many as 22 have removed barriers and others will do so soon.

Tally Solutions launches GST compliance software

The Economic Times| 23 June, 2017

In order to help businesses understand and more importantly, comply with the obligations of GST, Tally Solutions on Thursday announced the launch of its new software called Tally.ERP 9 Release 6 – a GST ready accounting and compliance software. The product has been designed keeping in mind the need to break down the complexities of GST compliance and at the same time provide speed without faulting on accuracy. The objective, claims the company, is to help businesses become GST complaint from Day 1.

Amid doubts in some quarters over the tech preparedness for the goods and services tax (GST), the high-powered GST Council on Sunday decided to introduce the new indirect tax system from the midnight of June 30-July 1, but gave a relaxed timetable and exemption from penalties and late fees to industry while filing returns in the first two months.

GST Council revises rates for 66 items

The Economic Times| 12 June, 2017

India’s most comprehensive indirect tax reform — the goods and services tax (GST) — is inching towards a July 1 rollout with the GST Council cutting the rate on household goods and other essential items, raising the threshold for the scheme that requires lesser compliance and approving another key set of rules relating to audit and accounts.

BIZGURU, a One-Stop Solution for Small Businesses and Traders

BW Disrupt| 6 June, 2017

Confederation of All India Traders (CAIT), the country’s largest trade body, Acer, one of the largest PC companies in the world and Tally Solutions, India’s leading business software provider, today announced the launch of “BIZGURU”, a one-stop plug and play business solution for all accounting and GST compliance needs. BizGuru comes with Acer’s world-renowned PC products and pre-installed Tally.ERP 9, the country’s preferred business software. The initiative is supported by CAIT, who have been helping Indian traders embrace new technology for the last decade.

How self-employed professionals, entrepreneurs, SMEs can get ready for GST

The Economic Times| 5 June, 2017

In the five years she has been running a small business of gift packaging, Samiksha Dhingra has not felt the need to apply for a sales tax number. “My business is very small and doesn’t require sales tax registration,” says the Gurgaon-based entrepreneur. But this will soon change because Dhingra plans to take her business online. The Goods and Services Tax (GST), which comes into effect from 1 July, requires all e-commerce businesses, including tiny outfits like Dhingra’s, to register under the new tax regime.

Countdown to GST: Council to finalise tax rates of remaining goods on Saturday

Moneycontrol| 2 June, 2017

The Goods and Services Tax (GST) Council will finalise the contours of the new indirect tax system on Saturday, in its 15th meeting as it is slated to be rolled out in the next four weeks.ates of few contentious items such as textiles, footwear, gold, beedis and cigarettes, biscuits, bio-diesel and agricultural implements are likely to reach consensus.

Ecommerce biggies fight to untangle GST’s multiple registrations knot

The Economic Times| 2 June, 2017

India’s largest online retailers are lobbying hard against requirement to register in each state under the proposed goods and services tax (GST) regime, which may not allow them to accept products from small dealers with annual turnover of Rs 20 lakh as they have been kept outside GST.

TV, AC to cost more, smartphones to be cheaper under GST

Moneycontrol| 29 May, 2017

Aerated drinks and consumer durables like TV, AC, washing machines and refrigerators will cost more, while smartphones, small cars and daily use items will turn cheaper when the GST is implemented from July.

Tax rates before and after GST

Bloomberg Quint| 19 May, 2017

Rates for most items and services under the Goods and Services Tax have been finalised in the two-day meeting of the GST Council that ended on Friday. While the rates on key daily use items like sugar, tea and hair oil have come down, they have been increased for luxury and sin products. Eating out in a five-star restaurant will be taxed at the highest bracket.

जी एस टी में इनपुट क्रेडिट खड़ी कर सकता है परेशानी

The goods and services tax (GST) council’s rate fitment committee will deliberate in the capital for three days starting 4 May to align all goods and services to different slabs and decide on bringing more items currently out of indirect taxation at central and state levels into the unified tax net.

GST inches closer to July 1 rollout, Council clears all five draft bills

The Economic Times| 16 Mar, 2017

With the Goods and Service Tax (GST) Council on Thursday approving the remaining two draft bills – UTGST (Union Territory GST) and SGST (state GST), all the five enabling draft bills stand approved to enable a likely rollout of the new indirect tax regime by July 1.

GST Council meet today may approve crucial legislations

The Economic Times| 16 Mar, 2017

The GST council is expected to approve two crucial legislations at its meeting on Thursday, giving a fresh push to the government’s efforts to roll out the ambitious indirect tax reform from July 1. The council is likely to approve the state GST (SGST) and the union territory GST (UTGST) bills, and the government expected to seek cabinet approval for the other bills approved by the council earlier.

Taxes under GST ‘to increase a bit’, says CBEC Chairman

The Economic Times| 14 Mar, 2017

While the effective rate of indirect taxes under the new Goods and Services Tax (GST) regime still remains unclear, as fitment in tax slabs is under way, the Central Board of Excise and Customs (CBEC) has said that taxes were likely to “increase a bit” from the current level.

A section of the small businesses fears loss of their long-time buyers and resultant erosion of turnover once the Goods and Services Tax (GST) is implemented. As per a provision endorsed by the GST Council, if a firm fails to pay GST within a stipulated window of 60 days – small businesses often need to delay tax payments to meet exigencies like payment of salaries – the entity that purchases goods/services from it and add value to them will be denied input tax credit (ITC), resulting in higher tax outgo.

July reality for GST! Centre, states broadly agree on key provisions

The Economic Times| 4 Mar, 2017

The GST Council at a meeting today broadly agreed on the contours of two key legislations – CGST and IGST – but a final approval is likely only by mid-March.

Union Finance Minister Arun Jaitley met with his state counterparts today and discussed the GST legislation to be adopted by Union Territories, but there was no discussion with regard to the State GST Bill.Read More

Liability linkage provision in GST to hit small traders

The Economic Times| 4 Mar, 2017A provision in the model goods and services tax (GST) law to ensure the smooth flow of credit and minimise tax evasion could hit small businesses and suppliers by favouring bigger and financially stronger ones.

GST Council to meet today to clear crucial Bills

Business Standard| 4 Mar, 2017

People dealing with small companies have made a pitch for changes in the goods and services tax (GST) legislation to avoid cash-flow problems for this sector even as the GST Council takes up crucial Bills at a two-day meeting beginning Saturday.Read More

This weekend is critical, with the GST Council expected to approve three GST Bills, namely, the CGST, SGST and IGST Bills. This would be an important milestone in the GST journey, and once approved, the CGST and IGST Bills are expected to be tabled in the second phase of the Budget Session starting March 9 for early passage. States will equally need to plan passage of SGST Bills in their Assemblies within a short period.

GST levy may go up to 40%, 4-slab structure to remain

The Hindu| 3 Mar, 2017

The GST levy may go up to 40% after the GST Council proposed raising the peak rate in the Bill to 20%, from the current 14%, to obviate the need for approaching Parliament for any change in rates in future.The model Goods and Services Tax Bill will replace the clause which states the tax rate “not exceeding 14%, with “not exceeding 20%” when it comes up for debate in Parliament during the second phase of Budget session beginning next week.

GST to be a reality soon, to be implemented from July 1, 2017; all states on board, says Shaktikanta Das

Financial Express| 28 Feb, 2017

Goods and Services Tax (GST) will be implemented from July 1, 2017, Economic Affairs Secretary Shaktikanta Das said on Tuesday. Speaking to reporters Das said that GST will be a reality soon as all states were on board. The GST, which will replace a myriad of consumption taxes, could be a “game changer” over the medium term as it would reduce tax cascading and boost India’s competitiveness, investment and job creation.

GST Council OKs law for compensation to states

Business Standard| 19 Feb, 2017

The Goods and Services Tax (GST) Council, at its 10th meeting on Saturday, ratified the draft law for compensation to states. However, it could not ratify the three enabling laws — Integrated GST (IGST), State GST (SGST) and Central GST (CGST) draft laws because of some contentious issues that cropped up.

4-tier GST rate may lead to classification disputes: Study

The four-tier GST rate structure will open up floodgates of classification disputes with tendency among businesses to demand lower rate for their goods or services, says a research paper.

“Present discussion on two standard GST rates (12 per cent and 18 per cent), a lower rate (5 per cent) and a higher rate (28 per cent) in addition to exemptions will make the design of GST complicated and increase the cost of compliance as well as cost of tax administration,” said NIPFP associate professor Sacchidananda Mukherjee.

Flipkart, Amazon, Snapdeal flag concerns over tax laws in GST

Business Standard| 10 Feb, 2017

On field, they might be arch rivals, but on Thursday e-commerce biggies Amazon, Flipkart and Snapdeal, came together on one single platform, voicing their concerns over Rs 400 crore of capital belonging to their sellers being locked every year under the GST regime.

Key Features of Budget 2017-2018

Source: Indiabudget.nic.in| 1 Feb, 2017

This was the fourth budget of the National Democratic Alliance (NDA) government. Coming at a time when the world around is full of uncertainties, more was expected from the budget than what has been delivered. Here are the key highlights of the budget 2017-18.

Customs and excise officials upset with GST administration deal with states

The Economic Times| 23 Jan, 2017

Upset at the centre ceding most of taxpayers under the goods and services (GST) to states, the association of Indian Revenue Service Officers from customs and central excise on Monday passed a resolution at its general body that in its present form the proposed tax would not be good for the country.

GST: Centre, States reach consensus over dual control, roll out likely from July 1

The Economic Times| 17 Jan, 2017

India will likely be able to roll out the goods and services tax (GST) from July 1 following a breakthrough on Monday over the seemingly intractable issue of tax administration after the Centre accommodated states’ concerns.India will likely be able to roll out the goods and services tax (GST) from July 1 following a breakthrough on Monday over the seemingly intractable issue of tax administration after the Centre accommodated states’ concerns.

GST council to meet today

Hindustan Times| 16 Jan, 2017

The all-powerful goods and services tax (GST) council headed by finance minister Arun Jaitley will hold its ninth meeting on Monday to iron out differences as the government looks set to miss its target rollout date of April 1.Sources say existing issues – such as dual control of whether the Centre or states would have authority on GST assesses – haven’t been resolved, a new disagreement over taxing high sea-trade cropped up at the last meeting on January 4. This was worrisome especially as time was running out, they added.

Tally Solutions and CAIT conduct GST Awareness program in Pune

Technuter| 11 Jan, 2017

Tally Solutions last month rolled out its nationwide ‘Campaign on GST’ in a mission to train and educate the ( non corporate sector) trading community for easy GST compliance and transition. An extension to the educative session, was witnessed in Pune, held on 9th January, 2017 at Hotel President. The meet witnessed a footfall of more than 140 traders from across the community, orienting them in the areas of focus in the realm of GST and its seamless adoption.

April 1 still the target for GST: FM

The Hindu| 11 Jan, 2017

Union Finance minister Arun Jaitley said the government was committed to implementing the Goods and Service Tax (GST) from April 1 this year and stressed that all contentious issues over which the Centre and the states are on disagreement will be resolved in the next few weeks.

GST delayed, rollout now likely on 1 June

Livemint | 2 Jan, 2017

The rollout of the Goods and services Tax (GST) is likely to be delayed by two or three months, according to two people familiar with the situation. The government is yet to lock down a date, but is likely to settle for either 1 June or 1 July, the people said on condition of anonymity.

Expectations are that the GST legislation will be introduced in the first half of the budget session and the government will seek to get it passed after the recess.

GST Council: Draft law cleared, but dual-control still not done

The Financial Express | 23 Dec, 2016

With the sharing of administrative powers a tough nut to crack, the Goods and Services Tax (GST) Council comprising the Centre and states on Thursday sidestepped it and devoted productive time to make the principal Bill of 195 sections, defining the comprehensive indirect tax, foolproof and ready for tabling in Parliament and state assemblies.

GST can be rolled out anytime between April 1-September 16: FM Arun Jaitley

The Economic Times | 17 Dec, 2016

Amid signs of slippage of the April 1 GST rollout target, Finance Minister Arun Jaitley today said pending resolution of “turf” issues, GST is a transactional levy that unlike income tax can be implemented anytime during the year.

Tally announces launch of GST mobile application

The app will be a rich source of information on Goods and Services Tax for businesses and will help them with understanding GST and its nuances, company officials said.

They said its user friendly interface has been designed to cater to both sets of users- those who are adept with technology and those who are easing into the use of technology, for better understanding and automation of their accounting practices.

This free enterprise application can be downloaded by Android and iOS users from their respective App stores.

“After a number of events that we have conducted with our partners in the eco-system, across the nation, we realised the need to develop an easy to use yet comprehensive tool that would ensure businesses transition smoothly to GST in the coming year. It is to deliver this solution to the businesses that we have invested in the Tally for GST App,” Tally Solutions Executive Director Tejas Goenka said.

Speaking to reporters here, he said, “right now, we have it in two languages, English and Hindi. Very soon we will be launching it in four southern languages.”

Stating that Tally has constantly been making efforts to equip small businesses and traders with the right information to train and prepare themselves for the tax reform, the company said it recently qualified as a GST Suvidha Provider (GSP) by the GSTN Network.

Tally has also collaborated with the Confederation of All India Traders (CAIT) to train and educate the trading community on GST.It has also been conducting events across the country with various partners for GST awareness and training of small businesses.

GST deadline goes for a toss but FM still hopeful

Business Standard | 12 Dec, 2016

The proposed Bills to enact a national goods and services tax (GST) are set to miss the entire winter session of Parliament, due to conclude on Friday. The Centre and states are yet to finalise the legislation, rendering the April 1, 2017, roll-out target seemingly impossible. However, Union Finance Minister Arun Jaitley, who chaired the GST Council meeting on Sunday, did not rule out introducing the new indirect tax system from the targeted date.

Tally Solutions is now a qualified GSP

09 Dec, 2016

Tally Solutions Private Limited, the premier Indian software product company, today qualified as one of the few GST Suvidha Provider (GSP), post a rigorous qualification process and Demo to the Goods and Services Tax Network (GSTN).

Mr.Bharat Goenka, the MD and Co – Founder of Tally Solutions, said “We are committed to providing highly scalable and available technology to cater to millions of SMEs in the country, both through our products, as well as through allowing other Application Providers to integrate with our GSP Services. For GST to be successful, technology does play a major role, but it also requires massive awareness for businesses, since many are still not aware that their way of doing business is going to change. Many people continue thinking it is ‘just another tax’ with ‘just another rate’ – and are not fully aware that their business profitability now depends on GST readiness not just of their own business, but also those of their suppliers, and in some case, their distributors. We are focusing on education at a massive scale, and have already reached tens of thousands of businesses, while also preparing for the availability of GST-enabled products and services to this massive base. Simultaneously, we are trying to influence the correction of key flaws in the law – including the Input Credit eligibility problem, which can derail the entire SME industry”.

Tally Solutions has been playing a pioneer’s role in assisting the businesses particularly SMEs as their knowledge partner and has touched 16,191 businesses so far by conducting over 130 GST awareness events in the country, along with its partners. Tally has collaborated with industry bodies like Confederation of All India Traders (CAIT) and The Associated Chambers of Commerce in India (ASSOCHAM) to educate and train the small business players and bring them on board the technology wagon for implementing the Law. The company also hosts a blog to simplify GST for businesses and has over 18,500 subscribers to date.

Tally Solutions powers more than a million businesses and is constantly mobilising its manpower and systems to help ease of transition of their existing as well as additional users to GST regime.

No consensus at GST Council, next meet on December 11-12

The Economic Times | 03 Dec, 2016

Industry body Assocham has tied up with software product firm Tally Solutions to educate and prepare the retail community for the rollout of Goods and Services Tax (GST). As part of the collaboration, Assocham and Tally Solutions plan to conduct a series of conferences for the retail community across the nation, over the next few months.

Assocham, Tally Solutions tie up to prepare traders for GST

MoneyControl | 26 Nov, 2016

Industry body Assocham has tied up with software product firm Tally Solutions to educate and prepare the retail community for the rollout of Goods and Services Tax (GST). As part of the collaboration, Assocham and Tally Solutions plan to conduct a series of conferences for the retail community across the nation, over the next few months.

GST: Govt releases draft bills for three supporting legislations

Livemint | 26 Nov, 2016

The Union government on Saturday released the drafts of the three supporting legislations for the goods and services tax (GST). The three draft laws—the central GST law, the integrated GST law and the compensation law—will be discussed in the next meeting of the GST Council on 2-3 December.

Tally Solutions shortlisted as service providers for GST Network

The Economic Times | 25 Nov, 2016

Goods and Services Network (GSTN) has shortlisted 48 firms including Tally Solutions in the first round, seeking to become service providers termed as GST Suvidha Providers. According to a government official, the shortlisted firms had met the financial criteria set by the agency and they will be called for “demos” of their applications in order to technologically evaluate them.

About 80 items likely on GST exemption list

Business Standard | 23 Nov, 2016

About 80 items are likely to make it to the exemption list under the proposed goods and services tax (GST), including grains, green coconut, poha, unprocessed green tea leaves, and non-mineral water. Items such as coffee and processed foods like biscuits, rusk, butter and cheese currently exempted from excise duty, may draw GST.

GST: Centre, states fail to resolve dual control issue

The Economic Times | 21 Nov, 2016

The Centre and states on Sunday failed to resolve the contentious dual control issue as to which set of taxpayer is assessed by whom, making the November 25 meeting crucial if the government is to meet the April 1 deadline for the roll out of the goods and services tax (GST).

Gold likely to attract 3 per cent GST

Deccan Chronicle | 18 Nov, 2016

The Centre is considering a lower three per cent GST rate on gold even as industry sticks to its demand to keep it at a lower rate of 1.25 per cent. The proposal would be taken up in the GST Council which is scheduled to meet on November 24-25.

GST: States adamant on sole control over small businesses

Business Standard | 14 Nov, 2016

With states and Centre set to meet this week to chalk out jurisdiction over assessees under goods and services tax (GST), a majority of states, including Kerala, West Bengal and Delhi, are sticking to their stand of sole control over entities with turnover below Rs 1.5 crore.

GST portal goes live

The Economic Times | 8 Nov, 2016

India has initiated an enrolment drive for taxpayers under the goods and services tax (GST), in keeping with the April 1, 2017 rollout deadline for the new indirect tax system. A new portal for GST went live on Tuesday to enable easy countrywide enrolment of taxpayers. A state-wise schedule has also been put out for enrolment of existing payers of excise duty, service tax and state taxes.

Final GST rates out, slabs fixed at 5%, 12%, 18% & 28%

The Times of India | 3 Nov, 2016

A four-tier GST tax structure of 5%, 12%, 18% and 28%, with lower rates for essential items and the highest for luxury and de-merits goods that would also attract an additional cess, was decided by the all- powerful GST Council on Thursday.

GST Council: Centre, states toughen stands ahead of meet

The Financial Express | 3 Nov, 2016

As the GST Council meets here on November 3-4, both the Centre and states seem to have hardened their positions with respect to the issues they disagree on. And they are reaching out to independent experts and the media to buttress their arguments.

Cess plan could mean 10 different GST rates

The Hindu | 2 Nov, 2016

To ensure that the tax incidence on products like cigarettes, tobacco products and luxury commodities doesn’t decline under the GST regime, the Finance Ministry has proposed differential cess rates to be levied over and above the highest tax rate of 26 per cent for such products. Industry consultants are surprised that it will not be uniform, and fear this will make GST highly complicated

The rationale for multiple rates in GST

The Hindu Business Line | 26 Oct, 2016

It has been proposed to the Council that there should be a four slab multi-rate tax structure. Items constituting nearly 50 per cent of the weightage in the Consumer Price Index basket (mainly food items), are proposed to be exempted from the levy of the GST. There will be a zero tax on such items.

India is moving towards a flawed GST

Livemint | 24 Oct, 2016

There were two underlying assumptions for a truly successful GST. The new indirect tax would be levied at a single rate (with a few exceptions) so as to reduce distortions based on rent-seeking behaviour.

Four-tier GST structure proposed: low of 6 per cent to high of 26 per cent

The Indian Express | 19 Oct, 2016

A four-tier structure for Goods and Services Tax (GST) comprising a lower rate of 6 per cent, two standard rates of 12 per cent and 18 per cent, and a higher rate of 26 per cent with an additional cess for luxury and demerit goods were proposed in the third meeting of the GST Council Tuesday.

Assam gets off the block with GST registration

Moneycontrol | 18 Oct, 2016

The state tax department has started collecting mobile numbers and e-mail IDs of registered dealers or taxpayers under VAT, CST, entry tax, luxury tax and entertainment tax to provide Goods and Services Taxpayers Identification Number (GSTIN) on a provisional basis.

Centre proposes 26% peak rate for GST

Business Standard | 18 Oct, 2016

The Centre is likely to propose a four-tier tax structure under the goods and services tax (GST), with a peak slab of 26 per cent. Almost 20-25 per cent of all taxable goods, including those consumed by the middle class, could come under the peak rate.

Confederation of All India Traders (CAIT) and Bangalore based accounting software firm, Tally Solutions have signed a memorandum of understanding (MoU) to train and educate the non-corporate sector on GST compliance and its seamless adoption.

GST hopes boosted as govt calls early winter session of Parliament

Livemint | 14 Oct, 2016

Hopes for the roll-out of the goods and services tax (GST) from 1 April brightened on Thursday after the National Democratic Alliance, or NDA, advanced the month-long winter session of Parliament to 16 November.

GSTN invites private companies to build third-party interfaces

The Economic Times | 07 Oct, 2016

In a bid to give tax payers more choice to file their returns once the much-awaited tax reform is rolled out, the Goods and Services Tax Network (GSTN) is inviting private companies to build third-party interfaces.

Moving a step forward towards the actual implementation of the Goods and Services Tax (GST) regime, GST Network, the company which is entrusted to create the logistical and IT backbone for the new tax regime, on Tuesday allowed taxpayers the option of third-party interfaces.

The focus is back on GST rates

Livemint | 04 Oct, 2016

After giving up the demand for incorporating a cap on the GST rate in the Constitution, some of the parties went to the extent of demanding an assurance from the government in Rajya Sabha that the central GST legislation will not be introduced as a Money Bill (and consequently deprive them of the leverage on its contents).

Centre, states spar over control of big service tax assessees under GST

Livemint | 03 Oct, 2016

Around 33,000 big service tax assessees are emerging as the new bone of contention between the centre and a few states under the goods and services tax (GST). There are an estimated 1.1 million service tax assessees, which are entities that collect service tax and are registered with the Central Board of Excise and Customs.

Area-based exemptions to industry will continue as refunds under GST

The Hindu Business Line | 30 Sep, 2016

In a major incentive to India Inc, the Centre has decided to continue with area-based excise duty exemptions provided to the North-East and hill States when the goods and services tax (GST) regime kicks in from April 1, 2017. However, these will be provided as refunds, not as exemptions.

Monthly returns to be mandatory under GST

The Economic Times | 28 Sep, 2016

Moving at a fast pace, the tax department has came up with two more draft rules and their formats on GST returns and refunds requiring assesses to file monthly returns and specifying procedure for claiming refunds of taxes, interest and fees.

8-layered wall secures data: GST tech backbone chief

The Times of India | 27 Sep, 2016The structure of the board of the Goods and Services Tax Network (GSTN) has enough safeguards to ensure the government has strategic control of the entity, its chairman has said, while asserting that security of sensitive data will have the highest level of protection.

Tax department unveils draft rules for registration under GST

The Economic Times | 27 Sep, 2016

The government has put out the draft rules for the Goods & Services Tax for discussion ahead of the September 30 meeting of the Centre and states to discuss the regulations. In view of the tight deadline, the finance ministry has asked for feedback by September 28. Rules relate to registration, invoice and payments, laying down procedures, guidelines and documentation.

Fools rush in

Indian Express | 26 Sep, 2016

Deadlines help. Hard ones help even more. After all, years of false starts have turned the goods and services tax (GST) into the boy who cried wolf. Let alone some corporates and auditors, even part of the general government machinery does not seem fully convinced that April 1, 2017 is a realistic start date.

GST exemption limit fixed by Council, decision on rates later

Business Standard | 23 Sep, 2016

In its first set of decisions, the Goods and Services Tax (GST) Council on Friday fixed the turnover-based exemption limit from such levies at Rs 20 lakh, but left the decision on fixing the actual tax rates and the finalisation of draft rules for later.

Differences on GST remain, states to resolve issues by November 22

News18.com | 23 Sep, 2016

The first meeting of the Goods and Services Tax Council on Thursday gave an indication that a host of issues remained to be resolved, even as its Chairman and Union Finance Minister Arun Jaitley hoped all pending issues will be thrashed out in due course for a uniform pan-India indirect tax regime to take effect from the targeted date of April 1 next year.

GST can deprive small businesses of liquidity

DNA | 22 Sep, 2016

Certain provisions in the existing draft of Goods and Service Tax (GST) can deprive small traders of liquidity in day-to-day management of business, potentially affecting the profitability and viability of the business, said a senior official of Tally Solutions, which develops business and accounting software and has small enterprises as bulk of its clients. It is bringing business associations together to jointly represent the case to the central government.

Consensus unlikely on tax rates at GST council meet

Livemint | 21 Sep, 2016

The first meeting of the goods and services tax (GST) council scheduled for later this week is unlikely to reach a consensus on tax rates under the indirect tax regime or on the issue of sharing administrative powers between the centre and the states, government officials aware of the matter said.

GSTN under examination; Centre to hold majority stake

The Economic Times | 19 Sep, 2016

The composition of Goods and Services Tax Network (GSTN), a private company tasked to create Information Technology infrastructure for GST, is under examination to give to the Centre majority stake in it. The government of India presently has 24.5 per cent stake in GSTN while state governments together hold another 24.5 per cent.

Price-monitoring structure under GST in the pipeline

The Economic Times | 19 Sep, 2016

The government is considering a price-monitoring mechanism under the proposed goods and services tax (GST) to ensure that the multiple benefits of the landmark reform are passed on and head off any unwarranted price shocks. States are also keen to ensure that the effects of GST provide a demand push to the economy.

After GST law, can government still levy excise on goods?

The Economic Times | 19 Sep, 2016

Has the government lost the power to impose central excise duty on all goods barring petroleum products and tobacco? And has it been levying the tax illegally for the last three days? Massive confusion has arisen after the Centre notified certain provisions in the constitution amendment law for goods and services tax (GST) with effect from September 16.

Govt notifies GST Council

Business Standard | 16 Sep, 2016

The Centre has formally notified the Goods and Services Tax (GST) Council, which will decide on the tax rate, exempted goods and the threshold under the new taxation regime. The council will be chaired by the Union Finance Minister and have Minister in charge of Finance or Taxation or any other Minister nominated by each State Government as its member.

Taxpayers to get a feel of GST next month

The Hindu Business Line | 16 Sep, 2016

Beginning next month, the Goods and Services Tax Network (GSTN) will start migrating over 80 lakh taxpayers onto its system. This will facilitate the smooth implementation of the GST regime. “The first part of our software will be ready by end October. Existing taxpayers of value added tax, service tax and central excise will be migrated to GSTN,” said Navin Kumar, Chairman, GSTN.

GST rollout must be ready ‘before’ April 1, PM emphasizes to top officials

The Times of India | 15 Sep, 2016

Prime Minister Narendra Modi yesterday directed top central and state finance officials to complete all the steps needed to roll out the new Goods and Services Tax (GST), long before April 1, 2017.The PM’s directive came a day after the Cabinet approved the formation of the GST Council. Last week President Pranab Mukherjee gave his consent to the GST bill. And separately, 16 states- the minimum number required – have already ratified it.

Petroleum products to enter under GST regime to fuel big gains

The Economic Times | 14 Sep, 2016

Petroleum products, including crude and some intermediate products, could be taxed under the proposed goods and services tax (GST), a move that will reduce the imperfections in the new levy and also narrow the inflationary impact of the tax.

GST Council to start journey this month

Business Standard | 13 Sep, 2016

Signalling the urgency to roll out the goods and services tax (GST) by the April 1, 2017 deadline, the Union Cabinet on Monday gave its nod to the constitution of the GST Council. The council would be responsible for deciding on rates and preparing a model Bill for implementation of the new tax regime.

Cabinet notifies constitution of GST Council

The Times of India | 12 Sep, 2016

The Cabinet on Monday cleared the process, formation and functioning of the GST Council, which will decide on the rate of tax under the new indirect taxation regime.The Council, to be headed by Finance Minister Arun Jaitley and comprising of representative of all 29 states and two union territories, will have to be set up by November 11.

The fire test on final GST rate begins now

Firstpost | 12 Sep, 2016

The Cabinet’s approval on Monday to set up the GST (Goods and Services Tax) Council, after the President’s approval for the constitutional amendment last week, marks the beginning of the toughest phase in the road to final implementation. The government has set a deadline of 1 April 2017 for the rollout of the indirect tax reform.This is the council which will have to do the complex job of arriving at a consensus GST standard rate, for which there is no real consensus between states, central government and Congress-led opposition parties till this point.

GST Bill Gets Approval Of President Pranab Mukherjee

NDTV | 08 Sep, 2016

President Pranab Mukherjee today signed the government’s flagship Goods and Services Tax Bill, which will do away with a host of Central and state taxes and usher in one tax regime for the entire country.

With the President’s assent, the focus now shifts to the enabling acts, which have to be passed in the Centre and the states. Eighteen of the country’s 31 states have already ratified the GST – a constitutional amendment bill that needs ratification from 50 per of the states.

States can’t escape adoption of GST

Business Standard | 06 Sep, 2016

States opposing the goods and services tax (GST), such as Tamil Nadu, would not be able to avoid the indirect tax regime after the Constitution amendment Bill becomes law. The states would, however, be able to adopt a GST structure than is different from the one recommended by the proposed GST Council. The recommendations of the council would not be binding on the states.Read More

Rajya Sabha passes GST Bill

The Hindu | 04 Aug, 2016

After being subject to months of haggling and histrionics, the Goods & Services Tax (GST) finally had its historic day in the Rajya Sabha with the passage of the Bill to amend the Constitution, paving the way for what is popularly referred to as the concept of “one nation, one tax.”

GST’s IT backbone gets ready for timely launch

The Economic Times | 03 Aug, 2016

The entity tasked with providing the information technology infrastructure for the goods and services tax expects to be ready for the rollout of GST from April 1, 2017, should the Centre and states pass legislation to bring about the biggest indirect tax reform in the country.